loancareservicing.com

Predator Lending

Let me start out by saying that in 10 yrs I have never missed a Mortgage payment.  My Loan started out as a FSH loan, where they sub vented it out to Lake View, then finally with Loancare.  In Jan of 2024 I had loss my job, so I called Loancare for the mortgage assist program, through the advice of the Loancare rep, I was advised that the Mortgage assist program is not available to customer who are current on their mortgage, so I had to go 60 days behind on my mortgage which I thought it would give me a cushion.  After review from Loancare I was approved for the Mortgage assist program, which took about 3-5 months.  The assist program lowered my payment to $2700 a month, I didn't read the fine print, I get paid every 10th of the month so I call to set the payment up when I had gotten paid. If you miss the 1st payment you are then in default on the whole loan, and then Loancare will charge all the total payments and fee's. If you can not come up with the astronomical amount Loancare then will start the proceedings for foreclosure. After receiving all of this Information I decided to sell the house which I thought I had a lot of equity in the home. I then called Loancare to get the official payoff for the Loan.  I spoke with a rep to see if my HELOC was included in the final payoff which the rep assured me that the payoff included the payoff for the HELOC. I know that the phone calls are all documented. I then put my Home up for sale in Aug. which it sold in one day, so my house was under contract.  Through the advice of my Realtor he stated if I called the Mortgage company and told them that if my house was under contract the would not put me in foreclosure which I found out later that that was not true. Loancare started the foreclosure preceding Aug. 20th I called Loancare Aug. 4 2025 and Aug.14 to inform Loancare of my closing.  The phone conversation with the rep on Aug.14th 2025 for the official payoff which the rep from Loancare told me the payoff included my HELOC now I am thinking I am going into closing receiving a equity check, my payoff was $439,000 and I sold the house at $690,000. My Realtor did not catch it nor did I.  I closed in the 8th of Aug. 2025 which got pushed back to the 10th of Aug.2025 so Loancare then sent the foreclosure to a Attorney who issued me a letter on Aug. 9th 2025 which was one day.  Loancare received their full payment $439.000 now rejected it because of the Attorney fee of $2000.  I then called for a Foreclosure reversal because it had been documented through taped phone conversations which the Loancare escalation team had reviewed and informed me Fri. Aug.12th 2025. with the Rep Bill that my case was under Review through another department "Default Resolution Team.  I followed up Monday Aug 14th. the rep. who said there no recollection of our conversation with Bill. After being on the phone for at least a hour, she then informed me of the conservation with Bill and Mentioned that it was still under review with Default Resolution Team. I am getting all kinds of threating emails from the Foreclosure Attorney for their fee of $2000 threating to send my payoff payment back. --

Date of experience: Jan 01, 2025